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| RC Plaza neighborhood shopping center. Archibald Avenue and East Foothill Boulevard, Rancho Cucamonga, CA |
RANCHO CUCAMONGA, CA – Hanley
Investment Group Real Estate Advisors, a nationally recognized real estate
brokerage and advisory firm specializing in retail property sales, in
conjunction with Voit Real Estate Services, announced the two firms completed
the sale of RC Plaza, a neighborhood shopping center at the
signalized intersection of Archibald Avenue and East Foothill Boulevard in
Rancho Cucamonga, California.
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| Bill Asher |
The purchase price was
$9,795,000.
Hanley Investment Group's Executive Vice President Bill Asher and President Ed Hanley, along with Vice President Joe Miller of Voit Real Estate Services of Anaheim, California, represented the seller, a private partnership based in Orange County, California.
The buyer, a private investor from Los
Angeles, was represented by Eric Treibatch of Ophir Management Services
Inc. of Encino, California.
Built in 1984, RC Plaza is comprised of nine retail buildings totaling 37,239 square feet and situated on 3.01 acres in San Bernardino County. National tenants include Starbucks (with a drive-thru) and Pizza Hut.
Built in 1984, RC Plaza is comprised of nine retail buildings totaling 37,239 square feet and situated on 3.01 acres in San Bernardino County. National tenants include Starbucks (with a drive-thru) and Pizza Hut.
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| Ed Hanley |
The property purchased is the
majority share of the RC Plaza shopping center, which includes an additional
multi-tenant 15,717-square-foot building that is separately owned and was not a
part of the sale.
“We generated a tremendous amount of interest due to the shopping center’s value-add investment attributes,” said Asher.
“The asset featured an overall
low price per square foot, below-market rents as well as a stand-alone
Starbucks building positioned on a separate parcel, offering the future
flexibility to sell off separately as a net leased asset.”
Asher continues, “We utilized a long-term broker relationship to successfully secure a buyer that clearly understood the many unique characteristics of the property, at a price that met the seller’s expectations.
Asher continues, “We utilized a long-term broker relationship to successfully secure a buyer that clearly understood the many unique characteristics of the property, at a price that met the seller’s expectations.
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| Joe Miller |
"Our company believes
in 100 percent cooperation with the outside brokerage community as we truly
value the cooperating broker relationships we have built and continue to
maintain in the industry.”
Approximately 71 percent of the existing tenancy has occupied space at the property since at least 2012, Asher said.
Approximately 71 percent of the existing tenancy has occupied space at the property since at least 2012, Asher said.
“Starbucks constructed a drive-thru
in 2006 and signed a new 10-year lease extension in 2015, which demonstrated
their long-term commitment to the location,” Asher noted.
“Due to some challenging characteristics of the property, we strategically structured the buyer’s due diligence review ahead of finalizing a formal contract and opening escrow to best retain maximum value for the seller and facilitate a seamless and smooth transaction for both parties,” Hanley added.
“Shopping centers that provide future upside potential in today’s market are becoming more challenging for investors to find in southern California, which is why RC Plaza was highly sought-after during our marketing process and will continue to be the type of retail asset in high demand for investors,” noted Hanley.
Voit Real Estate Services is a privately held, broker owned Southern California
commercial real estate firm that provides strategic property solutions tailored
to clients' needs.
“Due to some challenging characteristics of the property, we strategically structured the buyer’s due diligence review ahead of finalizing a formal contract and opening escrow to best retain maximum value for the seller and facilitate a seamless and smooth transaction for both parties,” Hanley added.
“Shopping centers that provide future upside potential in today’s market are becoming more challenging for investors to find in southern California, which is why RC Plaza was highly sought-after during our marketing process and will continue to be the type of retail asset in high demand for investors,” noted Hanley.
Throughout
its 45+ year history, the firm has developed, managed and acquired more than 64
million square feet, managed $1.4 billion in construction projects and completed
in excess of $48.1 billion in brokerage transactions encompassing more than
46,000 brokerage deals.
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